ch4 Personal Finance
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Annual Fee | , fee charged b y a credit card company for the use of their credit card.
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| Annual Percentage Rate | (APR), cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.
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| ARM (Adjustable Rate Mortgages) | , Home loan secured by a deed of trust or mortgage is which the interest rate will change periodically (example – annually); typically adjusted based on a published index as the Treasury Bill; brought on as a result of high interest rates in the early 198
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| Balloon Mortgage | , home loan in which the sum of the monthly payments is insufficient to repay the entire loan; a final payment come dues, which is a lump sum of the remaining principal balance.
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| Credit | , money owed
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| Credit Card | , tool used to finance a purchase
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| Credit Limit | , a maximum amount that may be owed at one time.
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| Debit Card | , type of card, often bearing the seal of a major credit card company; issued by a bank and used to make purchases; unlike a credit card, the money comes directly out of a checking account; also called a check card.
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| Debt Consolidation | , Act of combining all debts into one monthly payment, typically extending the terms and the length of time required to repay the debt.
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| Debt Snowball | , Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments.
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| Depreciation | , a decline in the value of property; the opposite of appreciation.
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| Finance Charge | , The total dollar cost of credit including interest and all other charges.
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| Foreclose | , Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
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| Grace Period | , Time period during which a borrower can pay the full balance of credit due with no finance charge
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| Home Equity Loan | , Credit line offered by mortgage lenders that allows a homeowner to borrow money against the equity in their home.
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| Introductory Rate | , Introductory annual percentage rate (APR) is a low rate offered by a credit card company as an incentive to apply for the card
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Created by:
eramig
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